FDI IN FIGURES - OECD · United States and China, the Netherlands , Ireland and Brazil were major...

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1 FDI IN FIGURES April 2020 Global FDI increased in 2019 but was still struggling when COVID-19 hit Despite an increase of 12% in 2019 to USD 1 426 billion, global FDI flows remained below levels recorded between 2010 and 2017. Compared to 2017, FDI flows decreased by 15%, continuing the downward trend observed since 2015. Inflows to the OECD area increased by 6% even though equity inflows reached their lowest level since 2005. Outflows from the OECD area increased by 62% in 2019 as US outflows returned to positive levels. However, OECD area inflows and outflows in 2019 were lower than in 2017. FDI inflows to non-OECD G20 economies decreased by 9% and FDI outflows decreased by 19% as flows to and from China dropped. Japan, the United States and the Netherlands were the largest sources of FDI outflows worldwide. The United States and China, the Netherlands, Ireland and Brazil were major FDI recipients. FDI income paid by affiliates in OECD countries to foreign parents decreased by 5% and FDI income received by OECD parents decreased by 1% in 2019, possibly reflecting slower economic growth. While the share of earnings distributed to US parents was much less than in 2018, US parents still repatriated more than they did prior to the 2017 US tax reform. FDI flows were already struggling before the COVID-19 pandemic. FDI flows are expected to drop by more than 30% in 2020, even under the most optimistic scenario (see the OECD note on FDI flows in the time of COVID-19). In this issue Recent developments FDI flows by instruments FDI income by components Impact of COVID19 on FDI flows Tables of FDI statistics Recent developments In 2019, global FDI flows 1 increased by 12% compared to 2018, to USD 1 426 billion. However, the flows in 2019 remained at very low levels, representing only 1.6% of GDP compared to more than 2% from 2015 to 2017, since FDI flows in 2018 were very low due to the 2017 US tax reform (see FDI in Figures – April 2019). In fact, FDI flows in 2018 and 2019 were lower than at any time since 2010, when flows dropped in the wake of the 2008 global financial crisis. This newsletter primarily focuses on the state of FDI in 2019 before the COVID-19 virus began to disrupt many economies. Section 4 and a separate note on the impact of COVID-19 on FDI flows provide more information on the current situation and projections for FDI flows through end-2021. The 2019 increase was partly due to a return to positive outward FDI flows from the United States and from the Netherlands. However, US outflows still remained lower than at any time since 2005. Record levels of outward FDI flows from Japan also 1 By definition, inward and outward FDI worldwide should be equal, but in practice, there are statistical discrepancies between inward and outward FDI. Unless otherwise specified, references to ‘global FDI flows’ refer to the average of these two figures. 1 Find latest FDI data online Detailed FDI statistics by partner country and by industry are available from OECD’s online FDI database (see pre-defined queries). Find detailed information on inward and outward FDI flows, income and positions by main destination or source country, by industry sector, and for resident SPEs as well as information on inward FDI positions by ultimate investing country. Detailed data for 2018 are now available.

Transcript of FDI IN FIGURES - OECD · United States and China, the Netherlands , Ireland and Brazil were major...

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FDI IN FIGURES April 2020

Global FDI increased in 2019 but was still struggling when COVID-19 hit Despite an increase of 12% in 2019 to USD 1 426 billion, global FDI flows remained below levels

recorded between 2010 and 2017. Compared to 2017, FDI flows decreased by 15%, continuing thedownward trend observed since 2015.

Inflows to the OECD area increased by 6% even though equity inflows reached their lowest level since2005. Outflows from the OECD area increased by 62% in 2019 as US outflows returned to positivelevels. However, OECD area inflows and outflows in 2019 were lower than in 2017.

FDI inflows to non-OECD G20 economies decreased by 9% and FDI outflows decreased by 19%as flows to and from China dropped.

Japan, the United States and the Netherlands were the largest sources of FDI outflows worldwide. TheUnited States and China, the Netherlands, Ireland and Brazil were major FDI recipients.

FDI income paid by affiliates in OECD countries to foreign parents decreased by 5% and FDIincome received by OECD parents decreased by 1% in 2019, possibly reflecting slower economicgrowth. While the share of earnings distributed to US parents was much less than in 2018, US parentsstill repatriated more than they did prior to the 2017 US tax reform.

FDI flows were already struggling before the COVID-19 pandemic. FDI flows are expected to dropby more than 30% in 2020, even under the most optimistic scenario (see the OECD note on FDI flowsin the time of COVID-19).

In this issue

Recent developments

FDI flows by instruments

FDI income by components

Impact of COVID19 on FDI flows

Tables of FDI statistics

Recent developments

In 2019, global FDI flows1 increased by 12% compared to 2018, to USD 1 426 billion. However, the flows in 2019 remained at very low levels, representing only 1.6% of GDP compared to more than 2% from 2015 to 2017, since FDI flows in 2018 were very low due to the 2017 US tax reform (see FDI in Figures – April 2019). In fact, FDI flows in 2018 and 2019 were lower than at any time since 2010, when flows dropped in the wake of the 2008 global financial crisis. This newsletter primarily focuses on the state of FDI in 2019 before the COVID-19 virus began to disrupt many economies. Section 4 and a separate note on the impact of COVID-19 on FDI flows provide more information on the current situation and projections for FDI flows through end-2021. The 2019 increase was partly due to a return to positive outward FDI flows from the United States and from the Netherlands. However, US outflows still remained lower than at any time since 2005. Record levels of outward FDI flows from Japan also

1 By definition, inward and outward FDI worldwide should be equal, but in practice, there are statistical discrepancies between inward and outward FDI. Unless otherwise specified, references to ‘global FDI flows’ refer to the average of these two figures.

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Find latest FDI data online Detailed FDI statistics by partner country and by industry are available from OECD’s online FDI database (see pre-defined queries). Find detailed information on inward and outward FDI flows, income and positions by main destination or source country, by industry sector, and for resident SPEs as well as information on inward FDI positions by ultimate investing country. Detailed data for 2018 are now available.

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contributed to the increase, partly as a result of Takeda Pharmaceutical acquiring Shire PLC, a Dublin-based manufacturer and wholesaler of pharmaceutical products.2

Figure 1 shows global FDI flows from 1999 to 2019 and quarterly and half-year data for 2015 to 2019.3 Quarterly analysis of FDI flows is complicated by their high volatility, often the result of a few very large deals during a specific quarter. Looking at half-year values, FDI flows dropped by 15% in the first half of 2019 before increasing by 18% in the second half of the year. Overall, flows in 2019 continued their general decline since 2015 and were lower than any levels in 2010-2017.

Source: OECD International Direct Investment Statistics database.

Inflows

By region, FDI flows to the OECD area increased by 6% in 2019, to USD 867 billion (Figure 2). FDI inflows to the OECD area accounted for 56% of global FDI inflows, compared to 52% in 2018 and 57% in 2017. The increase was largely driven by Ireland and to a lesser extent Switzerland, which both recorded negative inflows in 2018 (Figure 3). The switch to positive FDI flows in Ireland was largely due to increased levels of intracompany debt. FDI flows in Switzerland remained negative in the first half of 2019 but switched to positive levels in the second half of the year. The Nordic countries also recorded increases. These were partly offset by decreases in the Netherlands, Germany, Spain and Australia. FDI flows to the United States, the major recipient of FDI worldwide, remained stable (Figure 3).

FDI flows into EU countries increased by 14%, accounting for 31% of global inflows compared to 27% in 2017 and 2018.

2 Refinitiv; https://www.bloomberg.com/news/articles/2019-01-07/how-takeda-s-62-billion-shire-deal-reshapes-the-pharma-world. 3 The measure was constructed using FDI statistics on a directional basis whenever available, supplemented by measures on an asset/liability basis when needed. See Notes for tables 1 to 3 on page 12 for details. Data are as of 10 April 2020.

0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%

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p

Figure 1: Global FDI flows, 1999-2019

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Source: OECD International Direct Investment Statistics database.

FDI inflows to the G20 decreased by 10%. FDI flows in non-OECD G20 economies decreased by 9%, largely due to the lowest levels of inflows to China since 2010. The decrease was partly offset by increases in Brazil, India and Russia.

Despite lower levels of inflows recorded in 2019, the United States and China remain the major FDI recipients worldwide, followed by Ireland, the Netherlands (excluding resident SPEs), Brazil, India and the United Kingdom.4

Figure 3: FDI inflows of selected countries, 2018-2019 (USD billion)

Top 10 major FDI recipients in 20195 Other selected countries (see notes)

Notes: ‘Other selected countries’ recorded increases or decreases of more than USD 10 billion in their FDI inflows between 2018 and 2019. * Data exclude resident SPEs. **Asset/liability basis (2019 only for Australia). Source: OECD International Direct Investment Statistics database.

Outflows

By region, FDI outflows from the OECD area increased by 62% in 2019 to USD 996 billion (Figure 4), but were still 15% lower than in 2017. The OECD area accounted for 77% of global FDI outflows in 2019 compared to 63% in 2018 and 72% in 2017. The increase in 2018 was largely driven by the United States, the Netherlands, Japan, and, to a lesser extent, Denmark and Canada. These increases were partly offset by widespread decreases in 21 other OECD countries and, in particular, France, Switzerland, Luxembourg and the United Kingdom (Figure 5).

EU outflows increased by 34% and accounted for 36% of global FDI outflows, compared to 35% in 2018 and 32% in 2017. The increase was largely due to the return to positive outward FDI flows from the Netherlands, mostly in equity capital.

4 Hong-Kong, China and Singapore are not listed as major FDI sources and recipients respectively because it is thought that these economies are not the ultimate destinations or sources of a significant amount of their flows; instead these flows pass through on their way to and from other economies.

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Figure 2: FDI inflows for selected areas, 2005-2018 (USD billion)

2005-2019 2019 2018

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Source: OECD International Direct Investment Statistics database.

FDI outflows from the G20 increased by 33% but the trend differs across the G20 sub-groups. While FDI outflows increased by 57% from G20 OECD economies, they decreased by 19% from non-OECD G20 economies largely driven by China, which recorded its lowest level of outflows since 2014. In contrast, FDI outflows from Brazil switched from negative to positive levels.

In 2019, major sources of FDI worldwide were Japan, the United States, the Netherlands (excluding resident SPEs), Germany, China and Canada.4

Figure 5: FDI outflows of selected countries, 2018-2019 (USD billion)

Top 10 major FDI investors in 2019 Other selected countries (see notes)

Notes: ‘Other selected countries’ displayed in this chart recorded more than USD 10 billion increases or decreases in their FDI outflows between 2018 and 2019. * Data exclude resident SPEs. **Asset/liability basis (2019 only for Korea). Source: OECD International Direct Investment Statistics database.

OECD Equity Capital FDI flows Financial flows consist of three components: equity capital, reinvestment of earnings, and intracompany debt.5 Equity capital is of interest because it drives much of the volatility in FDI flows (figure 6) and because it is often associated with new investments, such as greenfield and/or M&As.6

In 2019, FDI equity inflows dropped by 37% and represented 0.5% of OECD GDP, their lowest level since 2005, and continuing the downward trend that started in 2016. The drop in 2019 was largely due to the United States, the Netherlands, Germany, Spain, the United Kingdom and Italy (Figure 7). FDI equity flows to the United States and to the United Kingdom have declined steadily since 2016 and 2017, respectively. Equity capital notably reached its lowest level in Germany since 2005 and in Italy since 2013. Despite a steady decline, the United States and the United Kingdom remained the two

5 See notes on page 12 for a description of each component of FDI flows. OECD FDI equity, reinvestment of earnings and debt flows are estimated using FDI instruments reported by OECD countries. See notes to Figure 6 for more detail. 6 Reinvested earnings, which correspond to undistributed branch earnings, will be analysed in more detail in Section 4 ‘Recent trends in FDI income.’ Intra-company debt flows, which are very volatile and difficult to interpret, will not be analysed.

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Figure 4: FDI outflows of selected areas, 2005-2019 (USD billion)

2019 2018

2019 2018

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major OECD recipients of FDI equity flows in 2019, ahead of France, the Netherlands, Canada and Australia. Ireland and Switzerland recorded equity disinvestments for the second consecutive year.

FDI equity outflows from the OECD increased by 26%, partly driven by an increase from Japan due to Takeda Pharmaceutical’s acquisition of Shire PLC, a Dublin-based manufacturer and wholesaler of pharmaceutical products. There were also large increases from the divestments recorded in Ireland and the Netherlands in 2018, and, to a lesser extent, from Canada and Denmark. In contrast, FDI equity outflows from France and Germany dropped after reaching a peak in 2018. They also declined from the United States, reaching their second lowest level since 2005. Spain, Begium, Korea and Luxembourg recorded lesser declines.

Figure 6: OECD FDI flows by instruments, 2005-2019 FDI inflows, as a share of GDP FDI outflows, as a share of GDP

Total FDI

-0.2%

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3.8%

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-0.2%

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1.8%

2.8%

3.8%

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Notes: p: preliminary estimates. OECD FDI equity, reinvestment of earnings and debt flows are estimated using FDI instruments reported by OECD countries in accordance with FDI flows shown in Table 1. Components for countries that did not report FDI aggregates by instrument on directional basis were estimated using equity and reinvestment of earnings reported on asset/liability. Components for countries that did not report FDI instruments for historical years were estimated by using instrument shares observed in non-revised data. Source: OECD International Direct Investment statistics database.

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Notes: Countries displayed in this chart either recorded more than USD 20 billion equity inflows and outflows in 2019; or they recorded more than USD 10 billion increase or decrease in FDI equity inflows and outflows between 2018 and 2019. Countries for which equity flows for 2019 were not available could not be displayed. * Data exclude resident SPEs. **Asset/liability basis (2019 only for Australia and Korea) Source: OECD International Direct Investment Statistics database.

Recent trends in FDI income of OECD countries

FDI income data consists of the foreign investor’s share in the earnings of its affiliates and net interest from intercompany debt. Changes in earnings reflect changes in profitability of the investment. Earnings are further broken down into dividends and reinvested earnings. This section examines trends in income for OECD countries and provides detail on dividends and reinvested earnings for selected countries.7

After reaching a peak in 2018, FDI income for OECD countries started to decline in 2019, possibly reflecting the slowdown in global economic growth in 2019. OECD FDI income payments decreased by 5%, after rising steadily since 2013 (figure 8). They represented 1.9% of OECD GDP, a level comparable to 2017. OECD FDI income receipts decreased more modestly, by 1%, and represented 2.9% of OECD GDP, a level comparable to the peak in 2018.

In 2019, OECD earnings on inward FDI decreased by 6%, partly due to Switzerland (Figure 9). Overall, 51% of those earnings were reinvested, and this share has risen over the past seven years, from 38% in 2013 to 48% in 2017 and 2018.

Earnings on outward FDI decreased by 1%, and much less of these earnings were distributed than in 2018 (Figure 8). In 2019, earnings distributed to US parents were half the level in 2018, leading reinvested earnings to switch to positive levels (Figure 9). However, reinvested earnings remain below any levels recorded in 2006-2017, indicating that US parents still repatriate more of their earnings than they did prior to the 2017 US tax reform.

7 OECD FDI income and its components are estimated using FDI income and its components reported by OECD countries. See notes to Figure 8 for more detail. Interest is not discussed separately since it tends to be a small share of total income.

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Figure 7: FDI equity flows of selected OECD countries, 2018-2019

Inflows, USD billion Outflows, USD billion 2019 2018

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Figure 9: FDI earnings of selected countries, 2018-2019

Inward FDI earnings, USD billion Outward FDI earnings, USD billion

Notes: Countries displayed in this chart recorded more than USD 20 billion of income on inward and outward equity in 2019. Countries who do not report 2019 FDI income on equity to the OECD could not be displayed. *Asset/liability basis (2019 only for Australia, France and Switzerland). Source: OECD International Direct Investment Statistics database.

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Notes: p: preliminary estimates. OECD FDI dividends, reinvested earnings and interest are estimated using FDI income components reported by OECD countries in accordance to FDI income shown in Table 3. Components for countries that did not report FDI aggregates by instrument on directional basis were estimated using dividends and reinvested earnings reported on asset/liability; or by using reinvested earnings reported for FDI flows and distributing dividends and interest equally. Components for countries that did not report FDI instruments for historical years were estimated by using instrument shares observed in non-revised data Source: OECD International Direct Investment statistics database.

Figure 8: OECD FDI income by components, 2005-2019 FDI income payments (inward), as a share of GDP FDI income receipts (outward), as a share of GDP

Dividends Reinvested earnings Interests

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Impact of the COVID 19 on FDI flows FDI flows are expected to decline sharply as a consequence of the pandemic and the resulting supply disruptions, demand contractions, and pessimistic outlook of economic actors. A drop of more than 30% is expected in 2020 even under the most optimistic scenario in which the economy begins to recover quickly in the 2nd half of 2020. A separate note scheduled for publication on 4 May 2020 on FDI flows in the time of COVID-19 will provide more details on the projections of FDI flows under different scenarios.

Reinvested earnings – which play an increasingly important role in FDI flows (see Figure 10) – will drop substantially in the short term as the crisis will depress earnings and investors are expected to reinvest a smaller share of their earnings than they have done in the recent past. Equity capital flows will also drop as many new investments, both M&As and greenfield investments, are put on hold.

Figure 10. Share of reinvested earnings in total FDI inflows

Note: p: preliminary. ‘Emerging and developing economies’ is defined as per the IMFdefinition. The shares of reinvested earnings are estimated using FDI flows by instruments: reported by OECD countries (see notes to Figure 6); collected from national sources website for non OECD G20 countries; available from the IMF BOP database for other countries.

Source: OECD FDI Statistics Database and IMF.

Intracompany loans and injections of equity capital from parent companies to their struggling foreign affiliates may partly offset these declines. Financial linkages between investors and their foreign affiliates are an advantage of foreign ownership and have contributed the the resilience of foreign affiliates in previous crises, including the 2008 global financial crisis and severe currency depreciations.

The pandemic is having much greater impacts in some sectors than others, and FDI flows will reflect this. For example, the information and communication sector may possibly see an increase in its earnings, while the manufacturing and primary sectors could see large drops in earnings. As worst-hit sectors such as accommodation, food service, transportation, and storage contribute relatively small shares to FDI, their suffering will not show proportionately in FDI statistics overall. There will be large cross-country variation: while the primary sector accounts for only 4% of FDI in the OECD on average, this share is much higher in Australia, Canada, Chile, New Zealand, and Norway (Figure 11). The primary sector is also much more important in FDI in many emerging and developing economies, including Brazil, Indonesia, the Russian Federation, and South Africa.

Further drops in FDI flows are possible in the medium to long term depending on how well the public health and economic policy measures work. In addition to lower earnings and a drop in new investments, divestments could contribute to the drop if financially struggling firms are forced to sell or liquidate some of their foreign operations.

World OECD countries Emerging markets and developing economies

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Note: Inward FDI positions by industry sectors are not available for Mexico. Data is at-end 2018 or latest available year. Data is not available due to confidentiality restrictions for: Canada (Information and communication); Ireland (Transport and storage; Financial services); Japan (Accomodation and food services; Professional, scientific and technical). FDI positions in financial services for Greece are negative and are included under ‘Other’. (*): Resident Special Purpose Entities (SPEs) are excluded. Source: OECD FDI Statistics Database.

Primary sectorManufacturingWholesale and retail tradeTransportation and storageAccomodation and food service

Information & communicationFinancial servicesProfessional, scientific and technical activitiesOther incl. unallocated and confidential

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Figure 11. Inward FDI stocks of OECD countries, by major industry sectors At end 2018

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Table 1In USD millions 2 013 2 014 2 015 2 016 2 017 2 018 2019p 2 013 2 014 2 015 2 016 2 017 2 018 2019p

OECD1 971 438 870 690 1 305 008 1 154 253 1 165 709 616 369 996 391 682 392 662 125 1 244 558 1 314 114 1 000 087 815 662 866 767

Australia 1 441 18 184 - 10 220 328 3 320 3 634 7 697 (A) 56 273 58 505 28 274 45 519 42 289 60 425 38 452 (A)

Austria* 15 598 - 665 6 915 - 1 323 10 679 5 941 10 723 5 813 4 800 1 295 - 8 401 14 926 2 211 4 523

Belgium 26 217 26 189 57 563 36 337 33 528 26 503 19 707 - 68 019 - 41 191 - 70 573 59 185 5 149 17 722 9 706

Canada 57 364 60 273 67 467 69 518 78 338 49 869 76 594 69 371 59 008 43 853 36 062 26 518 43 450 50 326

Chile* 9 271 10 848 15 257 6 600 5 485 836 8 043 21 976 22 794 20 594 12 281 6 444 7 013 11 765

Czech Republic 4 021 1 620 2 488 2 182 7 557 5 277 4 813 3 641 5 492 465 9 814 9 518 9 477 7 809

Denmark* 7 162 8 249 9 424 10 112 9 520 1 137 30 569 1 045 4 680 3 617 235 3 749 2 406 15 842

Estonia 516 42 182 486 873 49 1 967 771 684 36 1 058 1 917 1 474 3 044

Finland - 2 306 1 742 - 16 080 23 695 - 738 11 453 6 470 - 106 18 547 2 109 8 573 2 858 - 3 889 10 044

France 20 365 49 785 53 206 64 785 41 271 102 408 29 754 34 264 2 669 45 355 23 055 29 812 37 286 43 569

Germany 39 512 83 968 99 003 63 599 103 865 78 764 98 698 12 771 - 3 200 30 534 15 618 60 225 73 524 36 358

Greece - 785 3 015 1 578 - 1 665 168 477 438 2 817 2 683 1 268 2 762 3 477 3 971 4 631

Hungary* 1 943 3 854 - 16 118 - 8 272 1 199 5 073 2 626 3 587 7 967 - 14 545 - 5 439 3 502 8 365 5 206

Iceland* 460 - 257 - 31 - 1 147 - 208 78 513 397 447 709 - 427 - 41 - 394 - 241

Ireland 29 164 41 182 168 443 30 055 - 2 043 723 18 101 50 585 48 186 217 820 39 377 52 722 - 28 073 78 234

Israel2,4 3 858 4 526 10 969 14 579 6 153 6 117 8 566 11 842 6 049 11 336 11 988 18 169 20 789 18 224

Italy 25 130 26 327 21 640 16 165 24 478 32 673 24 934 24 267 23 224 19 631 28 441 23 996 32 865 26 569

Japan 135 745 129 157 128 698 155 923 164 658 143 142 226 573 2 303 10 622 - 2 251 19 357 10 976 9 856 14 548

Korea 31 488 19 994 18 490 30 508 51 044 45 232 35 531 (A) 6 083 - 917 3 076 7 415 12 699 13 299 10 566 (A)

Latvia 413 517 68 147 132 190 - 161 901 893 734 257 667 995 790

Lithuania 132 9 369 51 68 671 153 519 - 183 1 054 436 1 027 1 093 975

Luxembourg* 23 917 37 271 27 033 21 752 30 564 11 616 1 482 19 332 24 645 32 757 24 391 - 7 056 - 16 746 - 11 421

Mexico* 15 490 6 911 10 663 482 3 919 7 712 10 228 48 207 30 434 35 352 30 989 34 165 34 746 32 921

Netherlands* 69 690 53 951 247 681 156 445 46 683 - 18 830 156 333 51 096 45 018 178 950 30 645 60 231 114 235 72 913

New Zealand 530 472 - 59 196 227 425 - 183 1 860 2 437 - 309 2 844 2 429 1 945 5 426

Norway 6 213 32 939 30 947 3 092 - 7 415 11 405 7 357 (A) - 5 916 19 504 - 2 515 - 3 900 - 5 922 226 1 972 (A)

Poland* - 451 4 701 3 172 12 389 1 908 934 671 3 626 17 612 13 063 16 596 9 537 15 577 11 865

Portugal* 769 - 3 260 4 810 878 - 1 127 1 087 - 582 8 216 4 560 9 180 5 684 6 694 6 865 7 806

Slovak Republic - 313 43 6 95 1 323 234 153 - 604 - 512 106 805 4 008 1 183 2 449

Slovenia - 214 275 267 290 338 267 135 - 151 1 050 1 675 1 245 896 1 368 910

Spain 14 294 36 743 41 917 43 902 52 238 27 058 24 134 28 342 22 571 8 557 31 538 38 724 44 982 12 406

Sweden 30 279 9 162 13 045 4 703 25 512 16 818 22 820 4 125 4 032 8 395 19 153 14 252 3 858 20 573

Switzerland 38 568 - 47 88 759 122 101 30 144 60 781 11 098 646 9 352 75 289 88 619 107 321 - 53 150 - 21 741

Turkey 3 536 6 681 4 813 2 952 2 623 3 607 2 844 13 565 12 973 18 978 13 745 11 020 12 983 8 381

United Kingdom 40 483 - 151 368 - 66 827 - 37 587 117 605 41 415 31 474 51 673 24 704 39 189 258 570 101 290 65 285 59 126

United States 321 937 347 658 279 471 309 901 321 822 - 68 407 147 798 217 274 211 985 481 502 486 022 291 898 268 441 260 939

Total World1,3 1 367 442 1 421 032 1 741 961 1 581 057 1 607 912 977 808 1 299 077 1 516 157 1 520 078 2 089 730 2 034 859 1 750 723 1 570 777 1 553 115

European Union (EU)1 366 986 294 248 698 433 439 439 515 776 344 854 462 761 271 901 279 076 569 793 583 393 472 758 416 652 473 196

G20 countries1 856 560 815 393 821 703 922 077 1 133 398 650 894 862 509 1 013 418 866 339 1 130 079 1 291 746 978 999 1 044 802 939 412

G20-OECD countries1 692 492 597 570 606 405 676 573 912 943 440 049 692 124 536 051 430 007 743 491 964 793 644 888 652 160 581 754

G20 -non OECD countries 164 068 217 823 215 298 245 504 220 454 210 845 170 385 477 367 436 332 386 589 326 953 334 110 392 643 357 658

Argentina2 890 1 921 875 1 787 1 156 1 802 1 574 9 822 5 065 11 759 3 260 11 517 11 873 6 244

Brazil - 478 - 3 261 - 11 643 - 5 901 19 040 - 16 336 15 515 59 089 63 846 49 961 53 700 66 585 59 802 71 989

China 72 971 123 130 174 391 216 424 138 293 143 027 97 703 290 928 268 097 242 489 174 750 166 084 235 365 155 815

India2 1 765 11 686 7 514 5 047 11 090 11 418 14 764 28 153 34 577 44 009 44 459 39 966 42 117 60 317

Indonesia 6 647 7 077 5 937 - 12 215 2 077 8 053 3 380 18 817 21 811 16 641 3 921 20 579 20 563 23 429

Russia 70 685 64 203 27 090 26 951 34 153 35 820 22 530 53 397 29 152 11 858 37 176 25 954 13 228 31 735

Saudi Arabia2,6 4 943 5 396 5 390 8 936 7 280 22 987 8 865 8 012 8 141 7 453 1 419 4 247

South Africa2 6 646 7 671 5 744 4 474 7 366 4 074 3 119 8 296 5 772 1 729 2 235 2 007 5 447 4 624

*Data excludes SPEs. Corresponding data below including SPE's4:Austria 6 704 - 2 586 - 1 783 - 32 783 6 677 2 600 9 756 - 3 765 29 - 7 577 - 34 917 10 018 - 627 3 382

Chile 9 361 12 091 15 543 6 770 5 526 278 7 937 21 683 22 849 20 491 12 104 6 519 7 021 11 437

Denmark 6 948 6 862 7 536 17 401 7 976 - 3 259 16 265 635 3 586 2 237 7 184 2 033 - 2 633 1 212

Hungary - 2 691 5 198 - 31 123 45 343 - 176 - 76 698 2 454 - 2 506 9 192 - 28 167 48 347 2 088 - 73 460 4 564

Iceland 460 - 295 - 29 - 1 122 - 3 224 80 515 412 439 670 - 402 - 3 058 - 394 - 239

Luxembourg 472 010 241 836 713 734 170 866 250 750 - 452 093 - 285 465 622 311 204 205 606 573 210 227 89 660 - 524 457 - 249 214

Netherlands 468 438 129 525 397 500 221 048 132 054 - 265 203 135 388 381 217 131 646 329 916 210 740 82 615 - 276 218 85 731

Poland - 1 346 4 598 1 928 13 122 1 878 934 671 2 734 17 509 11 819 17 329 9 507 15 577 11 865

Portugal - 119 - 3 722 5 225 871 - 948 502 - 470 8 442 4 891 7 628 5 061 7 517 6 790 8 235For notes to this table refer to page 12Source: OECD and IMFOECD Directorate for Financial and Enterprise Affairs - Investment Division

FDI outward flows FDI inward flows

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Table 2 2 017 2 018 2019p 2 017 2 018 2019p 2 017 2 018 2019p 2 017 2 018 2019p

OECD1 25 256 964 23 543 516 25 586 061 50.5 44.6 48.8 22 151 208 21 638 786 24 116 746 44.2 41.0 46.0

Australia 495 952 490 997 35.0 33.7 689 369 682 880 48.6 46.9

Austria* 239 801 238 905 241 123 57.3 52.4 54.0 202 992 208 561 212 041 48.5 45.8 47.5

Belgium* 706 197 580 408 140.0 106.9 556 011 541 034 110.3 99.6

Canada 1 526 996 1 366 192 1 652 481 92.6 79.6 95.5 963 383 852 196 1 037 093 58.4 49.7 59.9

Chile* 123 335 122 064 129 273 44.4 40.9 43.9 270 782 265 629 265 718 97.5 89.1 90.3

Czech Republic 32 364 34 759 45 136 15.0 14.2 18.3 155 994 155 022 165 778 72.2 63.3 67.3

Denmark* 201 622 193 338 205 995 61.2 54.4 59.2 116 993 109 894 106 436 35.5 30.9 30.6

Estonia* 7 226 7 303 9 390 26.9 23.8 29.9 23 202 24 091 26 746 86.4 78.4 85.2

Finland 122 661 127 873 48.1 46.2 89 987 71 500 35.3 25.8

France 1 466 602 1 507 862 56.6 54.3 818 545 824 987 31.6 29.7

Germany 1 654 162 1 658 398 1 763 236 45.1 42.0 45.8 991 192 1 026 357 1 061 163 27.0 26.0 27.6

Greece 20 104 19 554 9.9 9.0 33 404 34 851 16.4 16.0

Hungary* 29 847 30 870 33 732 21.1 19.6 21.0 93 619 95 787 97 841 66.2 60.7 60.8

Iceland* 5 269 5 243 5 750 21.5 20.4 23.8 10 130 8 892 8 705 41.4 34.5 36.0

Ireland 986 846 942 868 1 085 107 294.0 246.4 279.2 1 058 012 1 000 393 1 120 238 315.2 261.4 288.2

Israel2,4 100 260 103 506 110 384 28.4 27.9 28.5 129 143 145 345 166 229 36.6 39.2 42.9

Italy 547 578 552 628 558 369 27.9 26.5 27.9 424 743 428 253 445 715 21.7 20.5 22.3

Japan 1 497 525 1 567 161 30.8 31.6 202 441 204 780 4.2 4.1

Korea* 343 089 383 983 21.1 22.3 210 864 213 966 13.0 12.4

Latvia 1 931 2 007 1 761 6.4 5.8 5.2 17 543 17 407 17 947 57.9 50.7 52.6

Lithuania 4 137 4 643 8.7 8.7 19 555 19 501 41.0 36.5

Luxembourg* 247 606 226 351 217 143 385.8 319.2 312.6 177 377 154 401 128 415 276.4 217.7 184.9

Mexico* 175 036 153 576 15.1 12.6 490 574 511 275 42.4 41.9

Netherlands* 2 531 182 2 380 454 2 565 287 303.5 260.4 282.7 1 692 688 1 685 058 1 749 779 203.0 184.3 192.8

New Zealand 17 800 17 278 16 941 8.8 8.4 8.3 75 308 75 158 81 340 37.2 36.7 39.7

Norway* 200 887 196 080 50.4 45.2 145 488 134 928 36.5 31.1

Poland* 28 478 25 924 24 835 5.4 4.4 4.2 238 990 228 838 236 506 45.4 39.1 40.1

Portugal* 62 314 52 614 28.2 21.8 151 821 146 487 68.6 60.7

Slovak Republic 4 590 4 585 4 727 4.8 4.3 4.5 59 510 58 441 59 747 62.3 55.2 56.7

Slovenia 7 159 6 941 7 023 14.7 12.8 13.1 16 739 17 348 18 134 34.5 32.1 33.7

Spain* 570 596 549 128 571 476 43.5 38.7 41.0 664 646 698 360 715 001 50.6 49.2 51.3

Sweden* 370 533 370 293 68.5 66.6 339 860 319 767 62.9 57.5

Switzerland* 1 279 295 1 334 338 188.1 189.2 1 172 249 1 167 102 172.4 165.5

Turkey 45 582 44 496 5.3 5.8 198 009 147 729 23.2 19.2

United Kingdom 1 773 656 1 788 180 1 949 467 66.5 62.5 69.0 1 805 842 1 930 435 2 075 299 67.7 67.5 73.4

United States 7 828 747 6 452 718 7 721 713 40.1 31.4 36.0 7 844 202 7 432 134 9 465 835 40.2 36.1 44.2

Total World1,3 32 537 076 30 979 694 33 478 925 40.5 36.5 38.7 33 772 397 33 438 059 36 492 655 42.1 39.4 42.1

European Union (EU)1 12 204 788 11 874 712 12 356 579 70.1 63.2 67.2 10 619 166 10 659 542 10 941 147 61.0 56.8 59.5

G20 countries1 20 411 307 19 136 325 20 968 807 32.3 28.7 31.3 19 502 119 19 113 373 21 595 050 30.9 28.7 32.2

G20-OECD countries1 17 354 925 15 966 189 17 632 052 41.3 36.2 40.3 14 639 165 14 254 993 16 525 859 34.9 32.3 37.7

G20 -non OECD countries1 3 056 383 3 170 136 3 336 755 14.5 14.0 14.3 4 862 954 4 858 380 5 069 192 23.0 21.5 21.8

Argentina2 40 930 42 228 43 527 6.4 8.1 9.8 80 700 72 573 69 170 12.6 14.0 15.5

Brazil 239 630 208 431 255 457 11.6 11.2 13.8 623 021 568 741 675 049 30.2 30.4 36.5

China 1 809 040 1 982 292 2 094 535 14.9 14.6 14.8 2 725 662 2 827 064 2 928 076 22.4 20.8 20.7

India2 155 176 166 594 5.9 6.1 377 287 386 172 14.2 14.2

Indonesia 65 928 72 765 78 817 6.5 7.0 7.0 231 492 225 720 232 614 22.8 21.7 20.8

Russia 388 693 346 593 24.6 20.9 441 123 408 097 27.9 24.6

Saudi Arabia2 84 437 105 063 12.3 13.4 227 566 231 603 33.0 29.4

South Africa2 272 548 246 170 78.0 66.8 156 103 138 410 44.7 37.6

*Data excludes SPEs. Corresponding data below including SPE's4:Austria 287 884 280 254 249 186 68.8 61.5 55.9 247 465 246 073 209 627 59.2 54.0 47.0

Belgium 721 483 593 290 143.1 109.3 575 261 555 915 114.1 102.4

Chile 126 755 124 516 131 574 45.6 41.8 44.7 273 242 268 066 267 820 98.4 89.9 91.0

Denmark 235 380 222 158 221 348 71.5 62.5 63.7 152 496 139 745 122 596 46.3 39.3 35.3

Estonia 7 807 7 919 10 075 29.1 25.8 32.1 23 927 24 828 27 475 89.1 80.7 87.5

Hungary 195 396 118 918 121 965 138.1 75.3 75.8 250 084 177 088 177 982 176.7 112.2 110.6

Iceland 5 663 5 628 6 132 23.1 21.9 25.4 10 525 9 274 9 084 43.0 36.0 37.6

Korea 343 129 384 024 21.1 22.3 211 962 214 698 13.1 12.5

Luxembourg 5 140 522 4 482 414 4 201 269 8 009.3 6 320.4 6 049.1 4 289 898 3 691 627 3 422 838 6 684.0 5 205.3 4 928.3

Netherlands 6 208 950 5 755 889 5 576 660 744.6 629.7 614.5 5 128 619 4 715 001 4 445 969 615.0 515.8 489.9

Norway 204 577 201 739 51.4 46.5 148 530 140 018 37.3 32.2

Poland 30 706 25 924 24 835 5.8 4.4 4.2 241 218 228 838 236 506 45.8 39.1 40.1

Portugal 69 183 58 267 31.3 24.1 165 361 154 276 74.7 63.9

Spain 604 725 582 939 606 515 46.1 41.1 43.5 702 018 735 473 751 468 53.5 51.8 53.9

Sweden 384 599 383 223 71.2 68.9 367 706 343 739 68.0 61.8

Switzerland 1 438 451 1 494 721 1 526 228 211.6 212.0 213.4 1 352 536 1 354 535 1 350 682 198.9 192.1 188.8For notes to this table refer to page 12Source: OECD and IMFOECD Directorate for Financial and Enterprise Affairs - Investment Division

FDI outward positions FDI inward positions

In USD million As a share of GDP (%) In USD million As a share of GDP (%)

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Table 3In USD millions 2 013 2 014 2 015 2 016 2 017 2 018 2019p 2 013 2 014 2 015 2 016 2 017 2 018 2019p

OECD1 1 240 638 1 312 917 1 215 655 1 234 078 1 408 751 1 556 903 1 548 222 793 489 850 322 805 043 846 318 968 166 1 081 930 1 031 642

Australia 19 746 19 180 13 785 13 315 14 189 16 500 17 039 (A) 33 996 29 806 24 066 27 528 37 319 44 418 43 754 (A)

Austria* 14 106 11 648 10 823 15 536 15 260 16 648 14 924 9 505 9 459 9 845 12 146 15 988 15 245 13 466

Belgium 26 157 34 250 29 336 33 352 26 897 33 248 29 746 26 890 34 389 28 819 33 268 26 434 38 073 35 626

Canada 44 446 47 130 41 825 40 774 54 573 60 287 64 012 47 319 47 786 34 640 31 001 37 795 41 472 41 545

Chile* 4 397 5 387 3 777 3 419 4 114 4 074 4 173 18 896 15 048 10 695 11 017 14 740 16 269 15 212

Czech Republic 1 320 1 589 1 861 2 015 4 665 2 975 5 156 15 441 16 098 14 474 15 344 19 127 19 050 20 893

Denmark* 12 430 13 709 12 126 12 027 12 996 14 022 12 893 6 395 5 452 4 620 5 481 6 184 5 893 5 793

Estonia 652 595 364 492 484 682 677 1 846 1 916 1 385 1 591 1 712 1 869 1 910

Finland 7 867 10 942 7 373 7 889 8 837 10 208 10 252 5 536 6 597 4 631 6 491 8 425 7 760 7 192

France 78 541 78 586 70 308 69 441 76 115 83 730 89 947 (A) 26 824 24 900 26 923 29 484 33 001 32 750 36 491 (A)

Germany 89 600 89 541 84 972 98 391 108 764 121 926 121 903 32 635 41 345 28 784 37 942 54 731 54 600 53 052

Greece 795 3 114 1 801 627 1 099 694 731 - 332 522 1 157 1 150 1 452 1 552 1 480

Hungary* 1 437 1 687 988 1 823 2 146 1 907 1 902 6 828 9 484 8 855 7 682 10 476 10 650 10 731

Iceland* 300 164 283 436 302 364 353 - 47 - 47 31 - 29 40 - 34 - 222

Ireland 16 389 17 675 11 765 14 640 17 470 15 297 13 464 49 514 52 055 71 582 61 829 75 987 85 309 93 234

Israel2,5 4 239 5 188 6 575 6 453 5 955 7 639 7 023 5 362 3 949 5 808 5 846 6 062 5 750 6 624

Italy 22 849 26 374 12 049 17 895 24 782 29 870 22 491 10 059 11 199 11 685 14 147 19 621 20 315 11 822

Japan 68 225 100 236 96 359 110 503 120 301 125 065 132 230 (A) 13 031 26 287 23 858 34 242 34 923 33 941 34 800 (A)

Korea 9 924 6 305 - 124 9 055 10 259 9 631 17 607 (A) 7 580 - 1 142 2 261 4 031 3 633 4 447 13 755 (A)

Latvia 97 54 153 117 218 158 120 1 077 1 040 1 155 1 187 1 399 1 872 1 630

Lithuania 165 120 135 145 150 300 238 1 184 684 1 642 1 722 1 980 2 242 2 016

Luxembourg* 6 831 6 200 4 646 5 588 6 457 5 790 5 849 8 525 12 833 11 694 14 051 12 002 10 517 11 097

Mexico* 8 076 7 332 3 430 3 014 4 764 5 228 5 069 30 443 22 619 18 392 17 254 18 796 22 977 24 014

Netherlands*,7 64 468 59 981 102 729 87 990 104 395 116 102 37 471 43 658 72 778 69 364 64 356 69 426

New Zealand 572 707 511 741 523 373 617 6 758 7 330 5 849 5 534 7 207 6 952 5 904

Norway 8 667 13 770 9 078 6 772 8 408 12 005 9 134 (A) 15 179 7 757 6 038 7 061 10 943 12 677 10 676 (A)

Poland* 406 1 641 719 977 2 288 2 298 1 025 18 620 21 426 18 178 20 939 21 419 24 030 25 201

Portugal* 2 542 2 045 2 008 2 517 3 685 4 429 3 061 3 211 4 035 4 842 5 699 6 215 8 382 7 329

Slovak Republic 273 811 350 206 391 371 366 3 297 3 949 4 421 4 411 4 330 4 774 4 655

Slovenia - 552 - 87 55 176 220 346 251 - 1 - 49 1 078 1 252 1 255 1 568 1 259

Spain 38 884 35 392 31 694 33 709 34 205 36 001 34 445 28 313 24 010 22 030 23 653 27 420 25 197 24 446

Sweden 34 882 36 148 26 830 25 633 30 744 32 957 31 072 21 065 23 603 22 053 21 836 22 166 24 080 22 164

Switzerland 61 238 90 614 91 018 90 756 99 840 106 142 99 201 (A) 33 750 73 369 59 800 70 912 98 751 105 010 69 633 (A)

Turkey 273 314 224 202 298 957 810 3 678 2 363 3 589 3 182 3 304 3 214 3 238

United Kingdom 123 000 112 807 87 381 69 270 110 581 125 452 109 282 79 526 79 045 73 586 67 864 70 555 96 727 71 672

United States 467 395 471 765 448 447 448 182 492 377 553 227 558 092 184 116 187 547 163 802 170 208 188 418 222 958 223 873

*Data excludes SPEs. Corresponding data below including SPE's4:Austria 7 291 10 858 1 697 15 257 11 841 17 602 15 304 2 127 5 250 607 11 867 12 347 16 207 13 674

Chile 4 353 4 967 3 676 3 447 4 137 4 118 4 217 18 915 15 102 10 594 10 896 14 773 16 276 15 220

Denmark 13 356 14 639 12 929 12 422 13 441 14 682 13 653 6 623 6 353 5 442 6 074 6 567 6 437 6 172

Hungary 7 586 5 544 3 383 6 487 7 383 6 632 7 116 12 919 13 240 11 152 12 258 15 601 15 277 15 792

Iceland 308 170 290 461 302 366 355 - 42 - 49 37 - 5 39 - 32 - 220

Luxembourg 109 121 80 841 75 214 77 254 80 171 86 068 89 155 101 412 72 518 49 915 55 096 54 411 58 715 60 643

Netherlands 231 926 263 799 225 169 227 201 234 785 264 036 275 200 (A) 189 976 231 806 192 504 201 654 189 218 215 990 234 376 (A)

Poland 405 1 641 719 977 2 288 2 298 1 025 18 620 21 426 18 178 20 939 21 419 24 030 25 201

Portugal 2 889 2 084 2 119 2 717 3 839 4 592 3 278 3 458 4 621 5 343 5 753 6 392 8 381 7 621For notes to this table refer to page 12Source: OECD and IMFOECD Directorate for Financial and Enterprise Affairs - Investment Division

Income on outward FDI (receipts) Income on inward FDI (payments)

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Notes for tables 1 to 3 Data are updated as of 10 April 2020. p: preliminary data |: break in series

(A): asset/liability figure used for 2019 only Tables 1, 2 and 3 show FDI statistics at the aggregate level on a directional basis except for selected countries for which the asset/liability series is used (see note 2). For more information on the two presentations for FDI, see Asset/liability versus directional presentation. FDI terms are defined in the FDI Glossary.

Financial flows consist of three components: equity capital, reinvestment of earnings, and intracompany debt. Equity capital is often associated with new investments, such as greenfield or M&As, even though it can also reflect extensions of capital or financial restructuring. Nevertheless, equity capital flows are often taken as a sign of the amount of new investments related to FDI. Reinvestment of earnings is the portion of earnings that the parent decides to reinvest in the affiliate rather than receive as a dividend and can be an important source of financing for affiliates. This component of financial flows tends to be the least volatile. Changes in the reinvestment of earnings reflect both changes in the earnings of affiliates and in the amount of earnings that parents choose to distribute. The reinvestment ratio is the share of earnings that the parent reinvests. It can be an indication of the parent’s perception of investment opportunities available to the affiliate: if the parent sees the opportunity to make profitable investments in its affiliates, the parent might choose to reinvest more money in them. However, many other factors can influence the share of earnings reinvested. For example, if the parent is in need of cash, they might pay higher dividends. The third component of financial flows—intracompany debt–is the most volatile component of financial flows and is often driven by the short term financing needs within a company rather than larger overall macroeconomic phenomena. As such, intracompany debt is often the most difficult aspect of financial flows to explain.

Breaks in series were introduced in Table 1 and Table 3 to provide users with more complete historical series on FDI financial and income flows. These breaks in series correspond for most countries to the implementation of OECD Benchmark Edition 4th Edition (BMD4). For data going back to 2005 in Tables 1, 2 and 3 (in Excel format), see www.oecd.org/investment/statistics.htm.

1. OECD, European Union (EU28), World, G20 aggregates:

FDI outward and inward flows (Table 1) were compiled using directional figures when available. Missing quarterly directional figures were approximated using the ratio between annual asset liability and directional figures; or by distributing annual directional figures equally among the four quarters; or using unrevised historical data. When directional figures were not available and could not be approximated, asset liability figures were used. FDI outward and inward stocks (Table 2) and Income on inward and outward FDI (Table 3) were compiled using directional figures when available.Missing directional figures were approximated using unrevised historical data. When directional figures were not available and could not be approximated, asset liability figures were used. FDI positions for 2019 include positions at end-2019 or at-end 2018 when 2018 data are not available. Resident SPEs from Austria, Belgium (FDI positions only), Chile, Denmark, Hungary, Iceland, Korea (FDI positions only), Luxembourg, Mexico, theNetherlands, Norway (FDI positions only), Poland, Portugal, Spain (FDI positions only), Sweden (FDI positions only) and Switzerland (FDI positions only) are excluded. The European Union aggregate corresponds to member country composition of the reporting period: EU15 for data up to and including 2003, EU25 for data between 2004 and 2006, EU27 for data between 2007 and 2012 and EU28 starting from 2013. The present publication presents time series which end before the United Kingdom’s withdrawal from the European Union on 1 February 2020. The EU aggregate presented here therefore refers to the EU including the UK. In future publications, as soon as the time series presented extend to periods beyond the UK withdrawal (February 2020 formonthly, Q1 2020 for quarterly, 2020 for annual data), the “European Union” aggregate will change to reflect the new EU country composition. Interestedreaders may refer to the Eurostat website for further information on Eurostat’s plans for disseminating EU aggregates and to the Eurostat database for the actual series. Colombia was not an OECD Member at the time of preparation of this publication. Accordingly, Colombia does not appear in the list of OECD Members and is not included in the zone aggregates.

2. Data series on asset/liability basis: The data series is on an asset/liability basis as opposed to directional basis for Israel and for the following non-OECD countries: Argentina, India, Saudi Arabia and South Africa.

3. World aggregate: is based on available data at the time of update as reported to the OECD and IMF. Missing data for countries for Q3 and Q4 2019 were estimated using the overall growth rate observed between, respectively, Q2 2019 and Q3 2019 and Q3 2019 and Q4 2019. Growth rates werecalculated from data for OECD countries, for non-OECD G20 countries, and for 50 non-OECD and non-G20 countries in Q3 and 15 non-OECD andnon-G20 countries in Q4. World totals for FDI positions are based on available FDI data at the time of update as reported to OECD and IMF for the year ended or the latest available year. By definition, inward and outward FDI worldwide should be equal. However, in practice, there are statisticaldiscrepancies between inward and outward FDI. Unless otherwise specified, references to “global FDI flows” refer to the average of these two figures.

4. Special purpose entities (SPEs): Information on resident SPEs for Estonia and Sweden (FDI flows only) is confidential. This information is not yetavailable separately for Canada, Ireland, Japan and Mexico. The information is available separately for Austria, Chile, Denmark, Hungary, Iceland,Korea, Luxembourg, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the United Kingdom. However, the information is not displayed in the tables for all countries, due to limited availability of historical data or to differences in data vintages. Resident SPEs are not present or not significant in Australia, the Czech Republic, Finland, France, Germany, Greece, Israel, Italy, Japan, New Zealand, Poland, the Slovak Republic,Slovenia, Turkey, and the United States.

5. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law.

6. Data for 2019 for Saudi Arabia was not available at the time of writing.

7. FDI income flows exluding resident SPEs for the full year 2019 for the Netherlands were not available at the time of writing.

FDI in Figures is published twice yearly. For queries, please contact [email protected]. Find data and more detailed FDI statistics at www.oecd.org/investment/statistics.htm.

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© OECD 2020 This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.